Bloomberg recently sat down with Jimmy Stepanian, Managing Partner of Summerlin Asset Management to talk about his latest venture, Luxe Locker Storage. It’s hard to imagine that as boring as building storage garages are, it could compel Desert Land Group and Summerlin Asset Management to partner and focus their attention on storage development; but that is exactly what happened.
The new company named Luxe Locker (http://www.luxelocker.com) is a joint venture between Desert Land Group and Summerlin Asset Management.
“After analyzing data from multiple large cities in several states, we discovered an overwhelming shortage of sizable closed garages that can store everything from boats, RV’s, Razors, SeaDoo’s, and a plethora of other toys Americans love to buy,” Stepanian says.
“I give all the credit to my partners Luke Still, Mychal Gordon, Adam Pakes and Pete Pakes who presented this compelling data to our partnership,” he adds.
Pete Pakes, Managing Partner of Luxe Locker stated, “At Luxelocker, you can OWN your storage! Why rent when you can own a long-term real estate investment and the ultimate storage space? Purchasing a storage unit provides you with an active asset with the ability for future capital growth. Additionally, Luxe Locker will sublease your storage unit for you providing for a consistent passive income stream. Our buyers mortgage payments are lower than our competitors rent for the same size storage garage.
The rare “treasure” aside, the belongings behind closed doors at most self-storage facilities usually don’t add up to more than a four-digit monetary figure. Not so for boats and RVs. Some of these vehicles cost as much as a small home. With a higher price tag comes higher expectations from customers. Developers like Luxe Locker are meeting these demands through better amenities and security. Amenities at boat/RV-storage facilities run the gamut from vehicle wash bays and air stations, to facility clubhouses and valet services. Many facility operators also partner with other business to provide services such as vehicle detailing, propane refill, and maintenance and repairs.